| REVENUE |
NOTE 6. REVENUE Net revenue for the periods presented represents sales of Amtagvi® and Proleukin® as follows (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Amtagvi® | | $ | 90,721 | | $ | 54,074 | | $ | 150,943 | | $ | 97,645 | Proleukin® | | | 8,592 | | | 5,878 | | | 19,800 | | | 11,631 | Total net revenue | | $ | 99,313 | | $ | 59,952 | | $ | 170,743 | | $ | 109,276 |
Revenue from Proleukin® was primarily related to sales made to specialty distributors and authorized treatment centers (“ATCs”) in the U.S. market to support the commercialization of Amtagvi®. Amtagvi® revenue is recognized upon patient infusion, while Proleukin® revenue is recognized upon transfer of control, either upon shipment or upon delivery to customers, which include specialty distributors, clinical manufacturers, research organizations, and ATCs. Revenue from product sales was recorded net of GTN adjustments. The following table summarizes GTN adjustments for the periods presented (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Gross revenue | | $ | 100,663 | | $ | 60,866 | | $ | 173,206 | | $ | 110,519 | GTN adjustments: | | | | | | | | | | | | | Government rebates and chargebacks | | | (152) | | | (152) | | | (303) | | | (297) | Wholesaler fees and cash discounts | | | (849) | | | (618) | | | (1,572) | | | (787) | Other rebates, returns, discounts and adjustments | | | (349) | | | (144) | | | (588) | | | (159) | Total GTN adjustments | | | (1,350) | | | (914) | | | (2,463) | | | (1,243) | Net revenue | | $ | 99,313 | | $ | 59,952 | | $ | 170,743 | | $ | 109,276 |
Consolidated net product revenue by geographic area for the periods presented is as follows (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, | | June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | United States | | $ | 98,967 | | $ | 58,605 | | $ | 169,439 | | $ | 107,125 | Rest of world | | | 346 | | | 1,347 | | | 1,304 | | | 2,151 | Net revenue | | $ | 99,313 | | $ | 59,952 | | $ | 170,743 | | $ | 109,276 |
Net product revenue in the U.S. is comprised of Amtagvi® revenue, as well as Proleukin® sales to support the ongoing commercialization of Amtagvi®. Net product revenue to date for the rest of world is comprised of sales of Proleukin® into markets outside of the U.S., primarily into European markets. The following table summarizes the amount and percentage of gross revenue attributable to customers that represented more than 10% of the Company’s gross revenue and all other customers as a group for the three and six months ended June 30, 2026 and 2025, respectively (in thousands, except percentages): | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, 2026 | | June 30, 2026 | | | $ | | % | | $ | | % | Customer A | | $ | * | | 0% | | $ | * | | 0% | Other customers | | | 100,663 | | 100% | | | 173,206 | | 100% | Gross revenue | | $ | 100,663 | | 100% | | $ | 173,206 | | 100% | GTN adjustments | | | (1,350) | | | | | (2,463) | | | Net revenue | | $ | 99,313 | | | | $ | 170,743 | | | * Represents customer below 10% | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, 2025 | | June 30, 2025 | | | $ | | % | | $ | | % | Customer A | | $ | 6,556 | | 11% | | $ | * | | 0% | Other customers | | | 54,310 | | 89% | | | 110,519 | | 100% | Gross revenue | | $ | 60,866 | | 100% | | $ | 110,519 | | 100% | GTN adjustments | | | (914) | | | | | (1,243) | | | Net revenue | | $ | 59,952 | | | | $ | 109,276 | | | * Represents customer below 10% | | | | | | | | | | |
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